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RESERVES: The vault cash and deposits at the Federal Reserve System that banks use to complete day-to-day transactions.

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PERFECT COMPETITION, EFFICIENCY

Perfect competition is an idealized market structure that achieves an efficient allocation of resources. This efficiency is achieved because the profit-maximizing quantity of output produced by a perfectly competitive firm results in the equality between price and marginal cost. In the short run, this involves the equality between price and short-run marginal cost. In the long run, this is seen with the equality between price and long-run marginal cost at the minimum efficient scale of production.

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BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors hoping to buy either a coffee table shaped like the state of Florida or storage boxes for your summer clothes. Be on the lookout for strangers with large satchels of used undergarments.
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This isn't me! What am I?

The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
"When I look back on all these worries, I remember the story of the old man who said on his deathbed that he had had a lot of trouble in his life, most of which had never happened. "

-- Winston Churchill, British statesman

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International Institute of Public Finance
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